Mr. Mark Ireton reports

VICTORY COMPLETES SUCCESSFUL DRILL PROGRAM ON ITS SMOKEY LITHIUM PROPERTY IN NEVADA

Victory Battery Metals Corp.'s exploration team has completed its 2023 spring drill program, drilling at a total of 1,966.5 feet over four holes, cores from which have been assembled and sent for assay.

Mr. Mark Ireton, Victory President, and CEO noted: "Our team has reviewed the onsite findings and have determined that this drill program moved the project from an early-stage project towards an advanced stage project."

Geologic Summary of the 2023 Smokey Lithium Drill Program

The culmination of 3 years of geological study, surface sampling and drilling has confirmed that the project is underlain by thick sections of claystone rocks. Assay results from the 2022 drill program clearly show that these claystones are in fact mineralized with lithium. The project has now passed the all the important milestones to date in proving there are the right type of rocks underlying the property, and that these rocks contain robust lithium.

The recently completed spring 2023 drill program has significantly expanded the area and thickness of the targeted claystone sequences of the Esmeralda Formation. This program is a significant advance in establishing a deposit at Smokey Lithium and we eagerly await the assay results from this drilling.

• Hole # Onsite Geological Observations 23-01 Reached claystone at a depth of 268 ft
• Claystones are identical to mineralized zone reached in the 2022 drill program at Hole-09
• Coloration is light gray with calcite veins throughout
• Claystone is lithified
• All claystone reacts with hydrochloric acid
• Claystone ends at 517 ft
• Total claystone thickness = 249 ft
• Total hole depth was 540 ft
• See Figure 1 23-02 Reached claystone at a depth of 11 ft
• Coloration, when hydrated, is tan, brown, green, and black
• The clay swells when exposed to water from drilling operations
• Claystone is moderately lithified
• Drilling terminated at 155 ft due to adverse ground conditions (too much swelling)
• Total thickness of soft clay = 144 ft
• Total hole depth was 155 ft
• See Figure 2 23-03 Sandy clay/clay reached at a depth of 175 ft
• Coloration is blue gray to brown
• Stiff clay beds range from medium to thin
• Main clay zone ends at 319 ft
• Total thickness of main clay zone = 144 ft
• Claystone clasts, similar to those found in 2023-01 were found at 596-605 ft
• Total hole depth was 617.5 ft
• See Figure 3 23-05 Claystone from surface to hole depth (0-600 ft)Coloration is green gray to gray when hydrated
• The clay swells when exposed to water from drilling operations
• Clay reacts to hydrochloric acid for the entire hole
• Total hole depth was 600 ft
• See Figure 4

As previously noted, drill hole locations have been selected to extend strong lithium mineralization, intersected on initial drill program in 2022 in Hole-09 within the area of interest. The fourth hole on this program was selected specifically in an effort to determine the strength of lithological correlation between holes 22-09. 23-01, 23-02 and 23-03. Victory's Exploration team determined that the most compelling hole location to drill would be hole 23-05, 1km to the west southwest of hole 23-03, in order to gain the most knowledge of the potential deposit.

As a result, the claystone intercepts observed in hole 23-05 have clearly shown a significant thickness of terrific looking claystones on the property. The position of the 23-05, as a spatial outlier, suggests further drilling to the southwest will be very promising for discovery of additional intercepts of a classic Clayton Valley style claystone hosted lithium zone.

Combining results from field mapping, surface sampling, drilling and Tromino passive seismic studies, the Company has developed proprietary maps showing highly detailed visual cross sections to understand the faulting that would bound the deposit's edges. Victory's 3-hole drill program focuses on a 2-3 km sq. area with lowered risk, having a high likelihood to intersect lithium rich clays via drilling, and may indicate maiden resource potential.

About Smokey Lithium, Nevada

Victory's Smokey Lithium project is a clay lithium property that lies approximately 20 miles north of Clayton Valley, to the west of American Lithium's flagship lithium project. Smokey Lithium is located northwest of Cypress' Clayton Valley Lithium Project and to the southwest of American Lithium Corporation's Tonopah Lithium Claims Property in southwest Nevada. Esmeralda County Nevada is a prolific region for lithium clay deposits, (Noram, Cypress, American Lithium, Spearmint, Enertopia, and Jindalee).

The technical information contained in this news release has been reviewed and approved by Bob Marvin (PGeo), who is a Qualified Person as defined under National Instrument 43-101.

About Victory Battery Metals

VICTORY BATTERY METALS (CSE:VR) is a publicly traded diversified investment corporation with mineral interests in North America. The Company is also actively seeking other exploration opportunities.

We seek Safe Harbor.